The document discusses employee benefits and services. It outlines various types of benefits like supplemental pay, insurance, retirement benefits, and employee services. It notes that benefits can improve business by increasing loyalty, productivity, and recruitment. Pakistani law requires benefits like paid leave, maternity leave, sick leave, and death grants. Large companies offer robust benefits packages covering health, wellness, financial, and family support. Flexible work arrangements and employee services aim to enhance work-life balance. Overall, benefits are important for employee welfare and organizational productivity.
Compensation, salaries, and wages can be defined as the set of rewards organizations provide to individuals in exchange for their work. It includes direct compensation like base pay and bonuses, as well as indirect compensation like benefits and quality of work life factors. Compensation aims to be adequate, equitable, balanced, cost-effective, secure, incentive-providing, acceptable, and compliant with legal regulations. It is structured through pay grades, pay ranges with minimum, midpoint and maximum rates. Benefits are an important part of total compensation and include mandated benefits, voluntary benefits, and employee services. They are classified and their costs analyzed to understand the overall compensation package.
The document discusses the history and purpose of compensation. It outlines the main forms of compensation including wages, salary, and benefits. The purpose of compensation is to ensure equity, efficiency, attract talent, reward performance, and motivate/retain staff. Compensation strategy is aligned with business strategy and contingent on legal/market factors. Components of compensation include basic pay, allowances, paid time off, insurance, and retirement benefits. Different compensation models are traditional, cafeteria, and combined models. Compensation structure in India has evolved over time. Executive compensation principles include shareholder alignment, short/long term incentives, and global consistency through cash, fixed pay, variable pay, and equity. Challenges in executive compensation include balancing different
This document discusses employee compensation and benefits. It outlines the objectives of compensation as focusing employee effort, attracting quality employees, retaining top performers, and motivating employees. The main components of compensation are salaries, wages, and benefits received in exchange for work. Benefits can include health insurance, retirement contributions, disability insurance, and more. Determining pay rates considers factors like the employee's job, market rates, and job evaluation methods that compare roles. Both direct compensation like salaries and bonuses, and indirect compensation like benefits and equity programs are discussed. The document also covers nontaxable benefits and how benefits are classified.
This document discusses various types of benefits and services that companies provide to employees. It covers indirect financial payments like paid time off, insurance benefits, retirement benefits, and services. Specific benefits mentioned include sick leave, health insurance, pensions, childcare, flextime, telecommuting, and more. It also addresses issues around developing a benefits plan such as costs, eligibility, communication. The benefits discussed aim to attract, retain and reward employees while controlling costs for the company.
What do you offer your employees to keep them satisfied? how do you compare to the market? what areas should you focus on to ensure you become and employer of choice?
This document discusses various types of compensation and benefits provided by employers. It outlines direct financial payments like wages as well as indirect payments like health insurance and retirement plans. Benefits can be required by law, such as unemployment insurance, or provided at the employer's discretion, like disability coverage. The document also examines supplemental benefits for time not worked, including unemployment, vacation, sick leave and severance pay. It provides details on common insurance plans and retirement options employers offer to attract and retain employees.
This document summarizes different types of employee benefits and services. It discusses four main categories: (1) pay for time not worked such as severance pay, supplemental unemployment benefits, and vacations; (2) insurance benefits like workers' compensation, life insurance, and health insurance; (3) retirement benefits including pension plans and defined contribution plans; and (4) services like childcare, eldercare, education subsidies, and domestic partner benefits. It provides examples of how these benefits are implemented in Bangladesh and includes calculations of provident funds, gratuity payments, and flexible benefits programs.
The document discusses employee benefits and services. It outlines various types of benefits like supplemental pay, insurance, retirement benefits, and employee services. It notes that benefits can improve business by increasing loyalty, productivity, and recruitment. Pakistani law requires benefits like paid leave, maternity leave, sick leave, and death grants. Large companies offer robust benefits packages covering health, wellness, financial, and family support. Flexible work arrangements and employee services aim to enhance work-life balance. Overall, benefits are important for employee welfare and organizational productivity.
Compensation, salaries, and wages can be defined as the set of rewards organizations provide to individuals in exchange for their work. It includes direct compensation like base pay and bonuses, as well as indirect compensation like benefits and quality of work life factors. Compensation aims to be adequate, equitable, balanced, cost-effective, secure, incentive-providing, acceptable, and compliant with legal regulations. It is structured through pay grades, pay ranges with minimum, midpoint and maximum rates. Benefits are an important part of total compensation and include mandated benefits, voluntary benefits, and employee services. They are classified and their costs analyzed to understand the overall compensation package.
The document discusses the history and purpose of compensation. It outlines the main forms of compensation including wages, salary, and benefits. The purpose of compensation is to ensure equity, efficiency, attract talent, reward performance, and motivate/retain staff. Compensation strategy is aligned with business strategy and contingent on legal/market factors. Components of compensation include basic pay, allowances, paid time off, insurance, and retirement benefits. Different compensation models are traditional, cafeteria, and combined models. Compensation structure in India has evolved over time. Executive compensation principles include shareholder alignment, short/long term incentives, and global consistency through cash, fixed pay, variable pay, and equity. Challenges in executive compensation include balancing different
This document discusses employee compensation and benefits. It outlines the objectives of compensation as focusing employee effort, attracting quality employees, retaining top performers, and motivating employees. The main components of compensation are salaries, wages, and benefits received in exchange for work. Benefits can include health insurance, retirement contributions, disability insurance, and more. Determining pay rates considers factors like the employee's job, market rates, and job evaluation methods that compare roles. Both direct compensation like salaries and bonuses, and indirect compensation like benefits and equity programs are discussed. The document also covers nontaxable benefits and how benefits are classified.
This document discusses various types of benefits and services that companies provide to employees. It covers indirect financial payments like paid time off, insurance benefits, retirement benefits, and services. Specific benefits mentioned include sick leave, health insurance, pensions, childcare, flextime, telecommuting, and more. It also addresses issues around developing a benefits plan such as costs, eligibility, communication. The benefits discussed aim to attract, retain and reward employees while controlling costs for the company.
What do you offer your employees to keep them satisfied? how do you compare to the market? what areas should you focus on to ensure you become and employer of choice?
This document discusses various types of compensation and benefits provided by employers. It outlines direct financial payments like wages as well as indirect payments like health insurance and retirement plans. Benefits can be required by law, such as unemployment insurance, or provided at the employer's discretion, like disability coverage. The document also examines supplemental benefits for time not worked, including unemployment, vacation, sick leave and severance pay. It provides details on common insurance plans and retirement options employers offer to attract and retain employees.
This document summarizes different types of employee benefits and services. It discusses four main categories: (1) pay for time not worked such as severance pay, supplemental unemployment benefits, and vacations; (2) insurance benefits like workers' compensation, life insurance, and health insurance; (3) retirement benefits including pension plans and defined contribution plans; and (4) services like childcare, eldercare, education subsidies, and domestic partner benefits. It provides examples of how these benefits are implemented in Bangladesh and includes calculations of provident funds, gratuity payments, and flexible benefits programs.
Employees benefits can include paid leave, insurance, retirement plans and flexible hours. Companies offer benefits to comply with laws, save on taxes, attract top talent and increase productivity. While benefits are costly, they help recruitment and retention. The Affordable Care Act requires employers with 50+ employees to offer health insurance or pay penalties. Both benefits and costs must be considered to design a sustainable package.
This document discusses different components of employee compensation. It defines compensation as all forms of financial return, tangible services, and benefits received by employees. It outlines direct compensation such as basic salary, bonuses, commissions, and mixed/variable pay plans. It also discusses indirect compensation or benefits including insurance, paid time off, retirement plans, and perks. The document explains how compensation systems are designed and compensation theories like expectancy theory and equity theory. It provides examples of different types of direct compensation including basic wages, dearness allowance, bonuses, commissions, piece rates, and profit sharing.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
Variable compensation how they have impact on organisation, retain employees, motivate employees and its advantages and disadvantages it has to when doing external comparison on the company
This presentation is good to business studies on student
Employee benefits - compensation management - Manu Melwin Joymanumelwin
Employee benefits and benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries
This document provides an overview of various compensation and benefits topics covered in weeks 5 and 6 of an MBA course. It discusses benefits like dental, medical, and vision insurance, as well as life insurance, paid time off, sick leave, extended leave, mental health coverage, and retirement savings options. It also covers topics like merit pay, incentive pay, deferred pay, competency-based pay, skill-based pay, team-based rewards, gainsharing, profit-sharing, and cash payments/allowances. Recreational facilities that some companies provide for employees are also mentioned.
This document provides an overview of employee benefits, including legally required benefits like Social Security, unemployment compensation, workers' compensation, and FMLA. It also discusses voluntary benefits such as traditional health insurance, HMOs, PPOs, and retirement benefits like pensions and IRAs. Other benefits covered include paid time off, disability and survivor benefits, flexible spending accounts, and modular/core-plus benefit plan designs. The goal of a benefits package is to attract and retain employees while providing legally required coverage in a cost-effective manner.
This document provides information on compensation management. It discusses different types of compensation including direct compensation like salary and indirect compensation like benefits. It outlines objectives of compensation policies and benefits of compensation benchmarking for employers and employees. Key aspects of compensation covered include base salary, variable pay, benefits like insurance, retirement, flexible benefits and personal services. The document also discusses concepts like rewards, incentives and gratuity.
This document discusses various components of remuneration, including wages, salaries, and incentives. It defines remuneration as the monetary and non-monetary benefits provided to employees in exchange for their work. Remuneration has both financial and non-financial components, such as pay, benefits, job satisfaction, and recognition. The document also categorizes different types of wages and salaries, as well as various incentive plans that organizations use to compensate employees.
The documents discuss the elements of a total rewards strategy, including compensation, benefits, performance management, recognition, work-life effectiveness, and development. They describe different types of direct and indirect compensation as well as the purpose and types of performance management systems. The documents also outline the stages of an effective performance management system.
Employee compensation refers to the total rewards provided to employees in exchange for their services. It includes direct financial compensation like salary and wages, as well as indirect financial compensation or benefits like health insurance, retirement plans, and legally mandated benefits. The goals of a compensation program are to attract, retain, and motivate qualified employees while achieving internal and external pay equity. Benefits can increase job satisfaction, reduce absenteeism and turnover, and provide employees with security.
The document discusses compensation management and compensation dimensions. It defines compensation management as attracting and retaining talent through competitive remuneration packages. Compensation includes both monetary pay as well as non-monetary benefits. It classifies compensation dimensions into payment for work, payment for non-working days, income continuation benefits during job loss, disability, retirement, and for spouse/family. It also includes health, accident and liability protection as well as income equivalent payments or perks. The document emphasizes the importance of compensation for motivating employees and increasing organizational effectiveness.
This document discusses compensation and employee benefits. It defines compensation as remuneration received by employees in exchange for their contributions. Compensation management is part of human resource management and helps motivate employees. There are different types of compensation including base pay, incentives, and benefits. Benefits provide indirect value to employees and include legally required programs as well as voluntary benefits provided by employers. The document outlines considerations for establishing compensation and benefit programs.
Compensation management - Module 1 – MG University - Manu Melwin Joymanumelwin
This document provides an overview of compensation management. It defines compensation as financial and non-financial rewards provided to employees. It discusses base compensation including wages and salaries, and supplementary compensation such as benefits. It also covers topics such as living wages, minimum wages, fair wages, wage differentials, and compensating differentials.
The document discusses employee benefits presented by a group including Naveed Mehdi Sheikh, Gul-e-Arzoo, Muzamil Ali, Bilawal Illyas, and Hamza Saqib. It defines employee benefits as additional non-financial rewards offered to attract and retain employees, such as health insurance, retirement plans, and paid time off. It then categorizes benefits as legally required (e.g. social security, unemployment), voluntary (e.g. health insurance, life insurance), and retirement benefits (e.g. 401k, pensions). Finally, it discusses integrating benefits through flexible spending accounts and modular/core-plus plans.
Concept of compensation exploring defining conceptDivya Pachchigar
1) Compensation refers to all forms of pay received by employees in exchange for work performed, including direct cash payments, indirect payments like benefits, and incentives.
2) Strategic compensation aims to align compensation packages with business goals and objectives to retain valuable employees.
3) Total compensation includes core compensation like salary and wages, adjustments for cost-of-living, seniority, merit, incentives, as well as legally required benefits, discretionary benefits, and intrinsic rewards from characteristics of the job.
This document discusses various types of incentives and fringe benefits provided by organizations to motivate employees. It outlines different incentive plans like bonuses, merit pay, commissions that reward extra performance. It also describes time-based and output-based incentive plans. The document then discusses various fringe benefits like employment security, health protection, retirement benefits, and those promoting personal growth that help attract and retain employees.
EMPLOYEE COMPENSATION AND BENEFITS2HRM 530 Assi.docxSALU18
EMPLOYEE COMPENSATION AND BENEFITS 2
HRM 530 Assignment 5: Employee Compensation and Benefits
Antoine J. Brown
Dr. O
HRM 530
Introduction
Employee compensation and benefits refers to the combination of wages, salaries and benefits that a worker receives as exchange for work done either in accordance to the formulated duties or in excesses of overtime and other viable bonuses. Compensation can be calculable hourly wages plus bonuses and incentives while benefits may include healthcare insurance policies and retirement savings. Thus, the total employee compensation and benefits may refer to collective gain components that a worker is paid for the services that he/she offers to an organization (Cardinal & Florin, 2012).
In this paper, the discussion will based according with a medium-based enterprise employee compensation and benefits package for a position of a secretary. A medium-based organization need to provide an elaborate employee compensation and benefits package to attract and retain employees such as secretaries. The competitive compensation and benefits packagethat befit a secretary position in a medium-based organization that anticipate future growth include annual salaries, retirement savings, salary increments, bonuses, paid time-off from work plans, employee non-monetary assistance plans, and group health benefits.
Compensation and Benefits Package for a new Secretary Position
Compensation and benefits package for a new secretary position in a medium-based organization need to be developed in accordance to the stipulated labor laws as well as to the benefits of an organization. In the first place, employing a secretary is very essential for an aspiring medium-based company and retaining the acquired professional skills should be a priority in addition to motivating the employee into improving performance. Furthermore, competition across the different industry players is leading to increased job turnover rates and therefore, developing a compensation and benefits package plan for new secretaries will include the most attractive offers.
The employee compensation and benefits plan for a new secretary should include annual salaries, retirement savings, salary increments and bonuses, payment plans fortime-off from work duties, employee non-monetary assistance plans, and group health benefits. According to employment standards, annual salaried employments accosted with other various benefits are more preferred than hourly-based form of employment due to job-based security and rights to various benefits for the employee. In addition, annual salaried employment opportunities provide an organization with several advantages such as productivity, employee retention, improved skill acquisition, and tax benefits.
Thus, a secretary’s compensation plan that will be developed will be based on annual salary and should also be defined in accordance with the Bureau of Labor Statistics’ formulas in order to comply with the ...
This document discusses fringe benefits provided by employers. It defines fringe benefits as various non-salary benefits provided in addition to cash wages that are sometimes exempt from taxation. Common fringe benefits include health insurance, life insurance, retirement plans, education reimbursement, and transportation benefits. The document then provides details on specific fringe benefits such as flexible hours, transportation benefits, bonuses, severance pay, adoption assistance, educational assistance, employee assistance programs, and company vehicles. It concludes with a chart summarizing the tax treatment of various fringe benefits under employment taxes.
Start Smart: Learning the Ropes of AI for HR - Celine Maasland - SocialHRCamp...SocialHRCamp
Speaker: Celine Maasland
In this session, we’ll demystify the process of integrating artificial intelligence into everyday HR tasks. This presentation will guide HR professionals through the initial steps of identifying AI opportunities, choosing the right tools, and effectively implementing technology to streamline operations. Additionally, we’ll delve into the specialized skill of prompt engineering, demonstrating how to craft precise prompts to enhance interactions between AI systems and employees. Whether you’re new to AI or looking to refine some of your existing strategies, this session will equip you with the knowledge and tools to harness AI’s potential in transforming HR functions.
Employees benefits can include paid leave, insurance, retirement plans and flexible hours. Companies offer benefits to comply with laws, save on taxes, attract top talent and increase productivity. While benefits are costly, they help recruitment and retention. The Affordable Care Act requires employers with 50+ employees to offer health insurance or pay penalties. Both benefits and costs must be considered to design a sustainable package.
This document discusses different components of employee compensation. It defines compensation as all forms of financial return, tangible services, and benefits received by employees. It outlines direct compensation such as basic salary, bonuses, commissions, and mixed/variable pay plans. It also discusses indirect compensation or benefits including insurance, paid time off, retirement plans, and perks. The document explains how compensation systems are designed and compensation theories like expectancy theory and equity theory. It provides examples of different types of direct compensation including basic wages, dearness allowance, bonuses, commissions, piece rates, and profit sharing.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
Variable compensation how they have impact on organisation, retain employees, motivate employees and its advantages and disadvantages it has to when doing external comparison on the company
This presentation is good to business studies on student
Employee benefits - compensation management - Manu Melwin Joymanumelwin
Employee benefits and benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries
This document provides an overview of various compensation and benefits topics covered in weeks 5 and 6 of an MBA course. It discusses benefits like dental, medical, and vision insurance, as well as life insurance, paid time off, sick leave, extended leave, mental health coverage, and retirement savings options. It also covers topics like merit pay, incentive pay, deferred pay, competency-based pay, skill-based pay, team-based rewards, gainsharing, profit-sharing, and cash payments/allowances. Recreational facilities that some companies provide for employees are also mentioned.
This document provides an overview of employee benefits, including legally required benefits like Social Security, unemployment compensation, workers' compensation, and FMLA. It also discusses voluntary benefits such as traditional health insurance, HMOs, PPOs, and retirement benefits like pensions and IRAs. Other benefits covered include paid time off, disability and survivor benefits, flexible spending accounts, and modular/core-plus benefit plan designs. The goal of a benefits package is to attract and retain employees while providing legally required coverage in a cost-effective manner.
This document provides information on compensation management. It discusses different types of compensation including direct compensation like salary and indirect compensation like benefits. It outlines objectives of compensation policies and benefits of compensation benchmarking for employers and employees. Key aspects of compensation covered include base salary, variable pay, benefits like insurance, retirement, flexible benefits and personal services. The document also discusses concepts like rewards, incentives and gratuity.
This document discusses various components of remuneration, including wages, salaries, and incentives. It defines remuneration as the monetary and non-monetary benefits provided to employees in exchange for their work. Remuneration has both financial and non-financial components, such as pay, benefits, job satisfaction, and recognition. The document also categorizes different types of wages and salaries, as well as various incentive plans that organizations use to compensate employees.
The documents discuss the elements of a total rewards strategy, including compensation, benefits, performance management, recognition, work-life effectiveness, and development. They describe different types of direct and indirect compensation as well as the purpose and types of performance management systems. The documents also outline the stages of an effective performance management system.
Employee compensation refers to the total rewards provided to employees in exchange for their services. It includes direct financial compensation like salary and wages, as well as indirect financial compensation or benefits like health insurance, retirement plans, and legally mandated benefits. The goals of a compensation program are to attract, retain, and motivate qualified employees while achieving internal and external pay equity. Benefits can increase job satisfaction, reduce absenteeism and turnover, and provide employees with security.
The document discusses compensation management and compensation dimensions. It defines compensation management as attracting and retaining talent through competitive remuneration packages. Compensation includes both monetary pay as well as non-monetary benefits. It classifies compensation dimensions into payment for work, payment for non-working days, income continuation benefits during job loss, disability, retirement, and for spouse/family. It also includes health, accident and liability protection as well as income equivalent payments or perks. The document emphasizes the importance of compensation for motivating employees and increasing organizational effectiveness.
This document discusses compensation and employee benefits. It defines compensation as remuneration received by employees in exchange for their contributions. Compensation management is part of human resource management and helps motivate employees. There are different types of compensation including base pay, incentives, and benefits. Benefits provide indirect value to employees and include legally required programs as well as voluntary benefits provided by employers. The document outlines considerations for establishing compensation and benefit programs.
Compensation management - Module 1 – MG University - Manu Melwin Joymanumelwin
This document provides an overview of compensation management. It defines compensation as financial and non-financial rewards provided to employees. It discusses base compensation including wages and salaries, and supplementary compensation such as benefits. It also covers topics such as living wages, minimum wages, fair wages, wage differentials, and compensating differentials.
The document discusses employee benefits presented by a group including Naveed Mehdi Sheikh, Gul-e-Arzoo, Muzamil Ali, Bilawal Illyas, and Hamza Saqib. It defines employee benefits as additional non-financial rewards offered to attract and retain employees, such as health insurance, retirement plans, and paid time off. It then categorizes benefits as legally required (e.g. social security, unemployment), voluntary (e.g. health insurance, life insurance), and retirement benefits (e.g. 401k, pensions). Finally, it discusses integrating benefits through flexible spending accounts and modular/core-plus plans.
Concept of compensation exploring defining conceptDivya Pachchigar
1) Compensation refers to all forms of pay received by employees in exchange for work performed, including direct cash payments, indirect payments like benefits, and incentives.
2) Strategic compensation aims to align compensation packages with business goals and objectives to retain valuable employees.
3) Total compensation includes core compensation like salary and wages, adjustments for cost-of-living, seniority, merit, incentives, as well as legally required benefits, discretionary benefits, and intrinsic rewards from characteristics of the job.
This document discusses various types of incentives and fringe benefits provided by organizations to motivate employees. It outlines different incentive plans like bonuses, merit pay, commissions that reward extra performance. It also describes time-based and output-based incentive plans. The document then discusses various fringe benefits like employment security, health protection, retirement benefits, and those promoting personal growth that help attract and retain employees.
EMPLOYEE COMPENSATION AND BENEFITS2HRM 530 Assi.docxSALU18
EMPLOYEE COMPENSATION AND BENEFITS 2
HRM 530 Assignment 5: Employee Compensation and Benefits
Antoine J. Brown
Dr. O
HRM 530
Introduction
Employee compensation and benefits refers to the combination of wages, salaries and benefits that a worker receives as exchange for work done either in accordance to the formulated duties or in excesses of overtime and other viable bonuses. Compensation can be calculable hourly wages plus bonuses and incentives while benefits may include healthcare insurance policies and retirement savings. Thus, the total employee compensation and benefits may refer to collective gain components that a worker is paid for the services that he/she offers to an organization (Cardinal & Florin, 2012).
In this paper, the discussion will based according with a medium-based enterprise employee compensation and benefits package for a position of a secretary. A medium-based organization need to provide an elaborate employee compensation and benefits package to attract and retain employees such as secretaries. The competitive compensation and benefits packagethat befit a secretary position in a medium-based organization that anticipate future growth include annual salaries, retirement savings, salary increments, bonuses, paid time-off from work plans, employee non-monetary assistance plans, and group health benefits.
Compensation and Benefits Package for a new Secretary Position
Compensation and benefits package for a new secretary position in a medium-based organization need to be developed in accordance to the stipulated labor laws as well as to the benefits of an organization. In the first place, employing a secretary is very essential for an aspiring medium-based company and retaining the acquired professional skills should be a priority in addition to motivating the employee into improving performance. Furthermore, competition across the different industry players is leading to increased job turnover rates and therefore, developing a compensation and benefits package plan for new secretaries will include the most attractive offers.
The employee compensation and benefits plan for a new secretary should include annual salaries, retirement savings, salary increments and bonuses, payment plans fortime-off from work duties, employee non-monetary assistance plans, and group health benefits. According to employment standards, annual salaried employments accosted with other various benefits are more preferred than hourly-based form of employment due to job-based security and rights to various benefits for the employee. In addition, annual salaried employment opportunities provide an organization with several advantages such as productivity, employee retention, improved skill acquisition, and tax benefits.
Thus, a secretary’s compensation plan that will be developed will be based on annual salary and should also be defined in accordance with the Bureau of Labor Statistics’ formulas in order to comply with the ...
This document discusses fringe benefits provided by employers. It defines fringe benefits as various non-salary benefits provided in addition to cash wages that are sometimes exempt from taxation. Common fringe benefits include health insurance, life insurance, retirement plans, education reimbursement, and transportation benefits. The document then provides details on specific fringe benefits such as flexible hours, transportation benefits, bonuses, severance pay, adoption assistance, educational assistance, employee assistance programs, and company vehicles. It concludes with a chart summarizing the tax treatment of various fringe benefits under employment taxes.
Start Smart: Learning the Ropes of AI for HR - Celine Maasland - SocialHRCamp...SocialHRCamp
Speaker: Celine Maasland
In this session, we’ll demystify the process of integrating artificial intelligence into everyday HR tasks. This presentation will guide HR professionals through the initial steps of identifying AI opportunities, choosing the right tools, and effectively implementing technology to streamline operations. Additionally, we’ll delve into the specialized skill of prompt engineering, demonstrating how to craft precise prompts to enhance interactions between AI systems and employees. Whether you’re new to AI or looking to refine some of your existing strategies, this session will equip you with the knowledge and tools to harness AI’s potential in transforming HR functions.
Your Guide To Finding The Perfect Part-Time JobSnapJob
Part-time workers account for a significant part of the workforce, including individuals of all ages. A lot of industries hire part-time workers in different capacities, including temporary or seasonal openings, ranging from managerial to entry-level positions. However, many people still doubt taking on these roles and wonder how a temporary part-time job can help them achieve their long-term goals.
Accelerating AI Integration with Collaborative Learning - Kinga Petrovai - So...SocialHRCamp
Speaker: Kinga Petrovai
You have the new AI tools, but how can you help your team use them to their full potential? As technology is changing daily, it’s hard to learn and keep up with the latest developments. Help your team amplify their learning with a new collaborative learning approach called the Learning Hive.
This session outlines the Learning Hive approach that sets up collaborations that foster great learning without the need for L&D to produce content. The Learning Hive enables effective knowledge sharing where employees learn from each other and apply this learning to their work, all while building stronger community bonds. This approach amplifies the impact of other learning resources and fosters a culture of continuous learning within the organization.
How to Leverage AI to Boost Employee Wellness - Lydia Di Francesco - SocialHR...SocialHRCamp
Speaker: Lydia Di Francesco
In this workshop, participants will delve into the realm of AI and its profound potential to revolutionize employee wellness initiatives. From stress management to fostering work-life harmony, AI offers a myriad of innovative tools and strategies that can significantly enhance the wellbeing of employees in any organization. Attendees will learn how to effectively leverage AI technologies to cultivate a healthier, happier, and more productive workforce. Whether it's utilizing AI-powered chatbots for mental health support, implementing data analytics to identify internal, systemic risk factors, or deploying personalized wellness apps, this workshop will equip participants with actionable insights and best practices to harness the power of AI for boosting employee wellness. Join us and discover how AI can be a strategic partner towards a culture of wellbeing and resilience in the workplace.
Building Meaningful Talent Communities with AI - Heather Pysklywec - SocialHR...SocialHRCamp
Speaker: Heather Pysklywec
Digital transformation has transformed the talent acquisition landscape over the past ten years. Now, with the introduction of artificial intelligence, HR professionals are faced with a new suite of tools to choose from. The question remains, where to start, what to be aware of, and what tools will complement the talent acquisition strategy of the organization? This session will give a summary of helpful AI tools in the industry, explain how they can fit into existing systems, and encourage attendees to explore if AI tools can improve their process.
AI Considerations in HR Governance - Shahzad Khan - SocialHRCamp Ottawa 2024SocialHRCamp
Speaker: Shahzad Khan
This session on "AI Considerations in Human Resources Governance" explores the integration of Artificial Intelligence (AI) into HR practices, examining its history, current applications, and the governance issues it raises. A framework to view Government in modern organizations is provided, along with the transformation and key considerations associated with each element of this framework, drawing lessons from other AI projects to illustrate these aspects. We then dive into AI's use in resume screening, talent acquisition, employee retention, and predictive analytics for workforce management. Highlighting modern governance challenges, it addresses AI's impact on the gig economy as well as DEI. We then conclude with future trends in AI for HR, offering strategic recommendations for incorporating AI in HR governance.
Becoming Relentlessly Human-Centred in an AI World - Erin Patchell - SocialHR...SocialHRCamp
Speaker: Erin Patchell
Imagine a world where the needs, experiences, and well-being of people— employees and customers — are the focus of integrating technology into our businesses. As HR professionals, what tools exist to leverage AI and technology as a force for both people and profit? How do we influence a culture that takes a human-centred lens?
Watch this expert-led webinar to learn effective tactics that high-volume hiring teams can use right now to attract top talent into their pipeline faster.
2. What is Compensation and Benefits?
• is a branch of human resources that focuses on how a company or
organization pays his or her employees and provide them with benefits. It
includes the process of determining how much an employee should be paid
and deciding what benefits should be offered.
(Q. Genius, 2022)
4. Benefits
• These are also known as perks or fringe benefits, are provided to employees
over and above salaries and wages. These employee benefit packages may
include overtime, medical insurance, vacation, profit sharing and retirement
benefits, to name just a few.
• It shows them you are invested in not only their overall health, but their
future.
5. Employee Compensation Benefit Package
• Salary increase
• Health insurance offerings (medical, dental, vision)
• Life insurance
• Parental leave
• Retirement plans
• Vacation and sick time
• Overtime pay
• Bonuses, commissions, and merit pay
• Reimbursement programs
6. Two Elements of Compensation
• Fixed Pay – base pay that does not vary
• Variable Pay – pay that changes with performance or results
(MBA Karlo, 2020)
7. Importance of Compensation & Benefits
• Attract and retain talented employees
• Motivate employees to achieve organization’s goals
• Used to reward employees for their hard work and dedication
• Reduce employee turnover and improve morale
8. Statutory Mandatory Benefits
• also known as mandatory benefits, are entitlements that employers are
obligated by law to provide to their employees.
Examples:
paid annual leave
parental leave
worker's compensation insurance
paid sick leave
9. Exceptions
Field Personnel
Establishments with less than ten workers (10)
Kasambahay
Government Employees
Managers
Contract-based workers
Commission-based workers
10. What is Minimum Wage?
• the minimum amount of remuneration that an employer is required to pay
wage earners for the work performed during a given period, which cannot be
reduced by collective agreement or an individual contract
PURPOSE:
The purpose of minimum wages is to protect workers against unduly low pay.
13. Holiday Pay
• The employee with receive the normal daily rate even if they did not
come to work during the regular holiday provided that they are
present or if they filed a leave with pay during the work day before
the Holiday.
14. Regular Holiday
If the work is performed on a regular holiday that is also a rest day,
the employee gets a total of 260%.
15. Premium pay
• Employees are eligible to receive premium pay for working on their
rest days or special holidays. If an employee needs to work on their
rest day or special day, they receive an extra 30% of their daily
salary.
16. Night shift Differential
• The labor laws of the Philippines make it mandatory to pay night
shift differential to the workers working between 10PM to 6AM. The
nightshift differential must not be less than 10% of the worker's
regular salary.
17. Overtime
• If an employee works more than eight hours on an ordinary
workday, they are entitled to an extra 25% of their average hourly
rate.